Digital Transactions Authoritative, insightful and timely information for payments professionals
Taking a cue from bank card merchant acquirers, bank processor Fidelity National Information Services Inc. (FIS) and NACHA on Monday announced the formation of the Terminated Originator Database, a new service to help banks identify businesses that other banks have cut off from originating automated clearing house transactions because of …
Read More »The Fed’s Same-Day ACH Service Gets off to a Slow Start
More than eight months after it introduced same-day settlement for automated clearing house transactions, the Federal Reserve has attracted only a handful of banks for the service. “It’s been a long struggle,” Steven Cordray, retail payments project manager at the Atlanta Fed’s Retail Payments Office tells Digital Transactions News. Speaking …
Read More »Account Takeover Fraud Starts to Plague Businesses, AFP Study Shows
Checks caused most of the losses suffered by businesses victimized by payment fraud in 2010, which is no surprise. Businesses, however, are now falling victim to newer types of fraud, particularly account takeovers, that fraudsters have used against consumers in recent years, according to the Association for Financial Professionals’ latest …
Read More »Though Disappearing, Substitute Checks Create Opportunity for LPSI
A Dublin, Ohio-based startup is leveraging air-courier logistics and aggregation efficiencies to wring revenues out of a dying business—the so-called substitute check. Liberty Processing & Services Innovation went live only five months ago and is now printing and delivering about 3 million checks a month on behalf of five client …
Read More »Panini Aims to Open New Remote Capture Markets with Scanners for Macs
In a move that could open up a significant chunk of the desktop market for digitized check processing, Panini North America this week introduced what are apparently the first check scanners inherently capable of working with Apple Macintosh computers. The development “opens up a heretofore unreachable segment for remote deposit …
Read More »Seeking to Streamline Transactions, NACHA Drops Opt-Outs for ARC And BOC
Starting in March, checks sent to lockboxes and some point of sale transactions can be processed by merchants and billers through the automated clearing house system without offering consumers a chance to opt out under new rules set by NACHA, the ACH’s regulatory organization. The new rules, which will be …
Read More »Tenacious Cash Is Here for the Long Term, Report Says
Cash: It’s still everywhere electronic payments want to be. Despite decades of gains by credit and debit cards, electronic commerce, the automated clearing house, and now mobile payments, cash is hanging on and will do so for many years, according to new findings from Aite Group LLC. Consumers spent $1.20 …
Read More »A Closer Look at Fed Payments Study Unveils Some Surprises
A major Federal Reserve payments study released last week grabbed headlines for documenting a dramatic three-year increase in electronic transactions, but a closer examination this week by officials who worked on the report highlights a number of subsidiary trends in such key areas as remote deposit capture, person-to-person payments, and …
Read More »Debit Cards Boom While Checks Slump, Fed Study Shows
While the electronic-payments industry waits for the Federal Reserve to come up with new debit card regulations, the Fed on Wednesday released results from its massive, triennial study of U.S. payments. The numbers show a dramatic rise in debit card transactions, coupled with an equally steep decline in check usage. …
Read More »Mitek Books a Profit As Mobile Demand Perks up
Mobile remote deposit capture software provider Mitek Systems Inc. posted a profitable last quarter of fiscal 2010 as more resellers and financial institutions adopted its products for taking pictures of checks from smart phones. And while San Diego-based Mitek has big expectations for its flagship Mobile Deposit application, the company …
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